7 days ago
DBS trains local merchants to ride the livestream shopping wave
[SINGAPORE] Through workshops and events, DBS is helping small and medium-sized enterprises (SMEs) and heartland merchants build capabilities in livestream selling, a growing sales channel in Singapore.
DBS estimates that Singapore's live commerce market – where products are sold during video livestreams – will generate up to US$1.3 billion in sales this year.
'Live commerce is no longer experimental. It is becoming part of the everyday online shopping experience, especially for mobile-first consumers', said DBS' head of technology research Sachin Mittal.
In such livestreams, consumers can interact with merchants in real-time and shop on the go via their smartphones. Sellers can hold product demonstrations, answer questions and offer real-time promotions.
DBS aims to help local businesses capitalise on the trend and build live selling capabilities. In April, the bank introduced live selling workshops for its SME clients in conjunction with its Heartland Merchant Banking Package.
It also worked with TikTok and Boom Media to run two social commerce workshops and three live-selling sessions, with over 70 participants trained in content creation, live presentation and driving of viewer engagement.
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Several companies later took part in a 60-hour livestream from Aug 1 to 3, held by DBS in partnership with TikTok and Samsung Electronics Singapore.
Featuring 60 local businesses – most of which were first-time live sellers – the marathon captured nearly 15 million impressions on TikTok.
DBS estimates that live commerce represents about 40 per cent of Singapore's market for social commerce: selling directly on social media.
Local social commerce sales are expected to hit US$3.2 billion in 2025 and grow to US$6.6 billion by 2030, driven by an ongoing shift in buying habits as people spend more time on social media than traditional websites.
